There is always a silver lining even with these terrible statistics.
- Most Americans cannot pass a basic financial literacy exam.
- Average American family savings account balance – $4,220
- Percent of American families who have no savings at all – 24.3%
- Average American household debt – $117,951
- Average credit card debt – $2,650
- Percent of working Americans who are not saving for retirement – 40 %
- Average amount saved for retirement – $36,250
- Percent surveyed who are very confident about having enough money for retirement – 18 %
- Average percent of salary an American worker contributes to a 401(k) – 6.8 %
- The total amount of student loan debt in the United States now exceeds the total amount of credit card debt in the United States.
As the picture denotes, preparation and financial discipline is critical in avoiding becoming another statistic. You are in the right place to turn things around!